Connect with us

Business

Pakistan to develop fresh petroleum policy to materialise $12bn Saudi investment

Published

2 years ago

on

  • Policy will provide Pakistan way to attract multi-billion-dollar investments.
  • Pakistan, KSA discuss, review areas of mutual cooperation.
  • Two sides agree to hold follow-up meeting next week.

ISLAMABAD: In a bid to facilitate the potential investment of $10 to $12 billion from Saudi Arabia, Pakistan directed the relevant authorities to approve a fresh petroleum policy, The News reported. 

Earlier this week, Islamabad persuaded Riyadh to establish a $12 billion state-of-the-art deep conversion refinery along with a petrochemical complex in Pakistan. 

The petroleum policy will provide Pakistan with a way to attract multi-billion-dollar investments. On Wednesday, different ministries held consultations for finalising draft agreements, which are expected to be signed during the upcoming visit of Saudi Crown Prince Mohammad Bin Salman to Pakistan. 

Finance Minister Ishaq Dar on Thursday held a virtual meeting on the First Joint Economic Sub Committee of the Saudi-Pakistan Supreme Coordination Council with Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz. 

Minister for Board of Investment (BOI) Chaudhry Salik Hussain, State Minister for Petroleum Dr Musadik Masood Malik, SAPM on Finance Tariq Bajwa and other senior officers from ministries of Finance, BOI, Maritime, Aviation, IT and Telecommunication, Food Security & Research, Petroleum and Power Division attended the meeting.

Both sides discussed and reviewed areas of mutual cooperation and collaboration including energy, industry, mineral resources, commerce, finance, investment tourism, communication information and technology, agriculture, food security, transportation, logistics, maritime, and work to increase trade exchange and investment between the two countries.

“The two sides agreed to hold a follow-up meeting next week to ensure the maximum progress is made in bilateral cooperation in these sectors so that significant agreements are signed during the visit of HRH Mohammed Bin Salman, Crown Prince and Prime Minister of Kingdom of Saudi Arabia next month,” the statement concluded.

Dar reiterated that both countries have an exceptional relationship based on social, political, religious and cultural fronts and the need of the hour was to strengthen mutual trade and investment. Both sides also exchanged views on various measures for achieving a greater level of cooperation and for further strengthening the relations.

Prince Abdulaziz bin Salman Al Saud recalled the recent visit of Prime Minister Shehbaz Sharif and mentioned that both sides showed tremendous political will for enhancing bilateral ties.

The Saudi prince highlighted the depth of relations between the two friendly countries in all fields. It was also shared that both countries enjoy long-standing strong mutual historic, religious and cultural ties.

Meanwhile, Dar offered his thanks to the government of the Kingdom of Saudi Arabia for its commitment and dedication towards the Pakistan government and highlighted the deep-rooted ties between both countries in various fields. 

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

Published

18 hours ago

on

By

Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

Continue Reading

Business

Despite economic gains, PSX remains strong.

Published

18 hours ago

on

By

Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

Continue Reading

Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

Published

18 hours ago

on

By

In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

Continue Reading

Trending